Fitch Ratings expects a “deteriorating” outlook for US states and local governments next year due to a slowing economy, according to the company’s 2023 outlook report.
- US states and local governments are likely to see a slowdown or even declines in property-tax collections, the report said, citing a cooling housing market and stagnant return-to-office trends
- “The ability of cities with large downtown office cores to continue making progress towards pre-pandemic levels of economic activity could become a more salient credit issue over the next several years,” said
Michael Rinaldi , who oversees Fitch’s US local-government ratings
- “The ability of cities with large downtown office cores to continue making progress towards pre-pandemic levels of economic activity could become a more salient credit issue over the next several years,” said
- Even as the overall ...